Mono Next Public Company Limited (SET: MONO) has officially notified the Stock Exchange of Thailand regarding a significant financial default involving one of its subsidiaries. The default, which involves long-term bank loans totalling 263 million Baht, represents approximately 10% of the company’s total assets.
The financial strain stems from a strategic pivot in the subsidiary’s programming schedule. In an effort to reduce long-term dependence on expensive movie and series licenses from major studios, the company has been shifting its focus toward sports, lifestyle, and news content.
However, this transition led to failed negotiations with certain content licensors. The inability to reach an agreement resulted in a default under a letter of credit used as a guarantee, which subsequently triggered a cross-default on other indebtedness. Furthermore, the subsidiary failed to meet specific loan covenants required by its bank agreement, giving the financial institution the right to demand immediate full repayment of the outstanding debt.
Despite the default, Mono Next leadership remains optimistic about a turnaround. The company is currently in active negotiations with its financial institution to propose a debt restructuring plan.
To stabilize its financial position, Mono Next is leaning into its high-growth sectors, specifically the Monomax streaming platform. The platform has become a central pillar of the company’s revenue strategy, serving as the primary hub for live broadcasts of high-profile sporting events, including Premier League and Emirates FA Cup football matches.
In addition to operational changes, the company is moving to enhance liquidity through a planned capital increase. On February 27, 2026, the Board of Directors resolved to propose a mandate for the Annual General Meeting of Shareholders to approve:
- The allocation of newly issued ordinary shares under a General Mandate.
- The exercise of MONO-W2 warrants to purchase ordinary shares.
The group is implementing aggressive cost-reduction measures while simultaneously scaling revenue from its core digital business. The company expressed confidence that the ongoing negotiations to revise debt repayment terms will be successfully concluded.
